Sports has an extraordinary ability to transcend beyond the courts and arenas; it has a direct impact on a country’s economy. Beyond the excitement of the crowd and the victories, sports can significantly influence economic landscapes. Whether by attracting tourists, boosting local businesses, or creating jobs. The fusion of sports and the economy is undeniable.
When Spain hosted the 2014 FIBA World Cup, the Spanish Basketball Federation and Deloitte reported the overall economic impact of the event at EUR €408Million (almost P25 billion). Of the total, the “direct profit for the state” was EUR €33M (P2 billion). Deloitte’s audit also revealed that 55,000 fans visited Spain during the tournament and spent a total of EUR €82.7M (P5 billion) on “lodging, food, etc.”
FIBA EuroBasket 2022 reported a monetary impact of EUR €270M (P16 billion) on its host cities Prague, Milan, Tbilisi, Cologne, and Berlin. The triumph was not just fiscal – it was reputational. Remarkably, 90 percent of attendees said the FIBA EuroBasket 2022 imbued the host cities with a newfound cosmopolitan charm. This wasn’t just about wins on the scoreboard; it was also about winning over hearts and leaving an enduring legacy of excellence.
In the Philippines, the journey from the courts to the economy is a compelling saga. Case in point: the nation’s role as the host of the 30th Southeast Asian (SEA) Games in 2019 brought about a much-needed and substantial economic upswing. Notably, the Central Luzon region emerged as a pivotal contributor to the nation’s overall growth during this period.
The SEA Games 2019 left an indelible mark on the local tourism industry, especially in the Clark and Subic Freeport areas, where various sporting events were staged. The influx of athletes, officials, and spectators sparked a notable increase in tourism activities. The SEA Games became a catalyst, breathing life into local businesses, hotels, restaurants, and various services. The surge in economic activity not only brought immediate financial gains, but also laid the groundwork for potential future growth in those areas.
The journey from sports to the economy in the Philippines takes on a fresh and exhilarating chapter with the nation’s most recent triumph: the successful bid to become one of the host countries for the prestigious FIBA Basketball World Cup 2023.
The hosting of this event is more than a celebration of basketball as a cherished national passion; it’s an invitation from the Philippines to the world. As the nation welcomes the international basketball community, it sends a clear signal that it’s ready to step onto the global stage as a prime destination for international business.
The parallels between business competitiveness and sports are striking. Just as success on the court demands strategic planning, agility, and teamwork, the same attributes fuel a nation’s progress in the business arena. There is reason to believe that a positive correlation exists between sporting achievements and a conducive business environment.
President Marcos’ drive to attract foreign investors finds resonance in the FIBA World Cup’s potential to highlight the nation’s capacity to host world-class events – a beacon of business-friendliness. House Speaker Martin Romualdez shares this vision, amplifying the message of economic growth and an enticing platform for international ventures.
Scheduled from Aug. 25 to Sept. 10, the FIBA Basketball World Cup 2023 not only places the Philippines in the global spotlight, but also extends an open invitation to explore the nation’s untapped potential. The courtside fervor mirrors the anticipation within the business landscape – brimming with opportunities waiting to be seized. As each basket finds its mark and strategic moves unfold on the court, a parallel narrative takes shape in the business realm – one marked by determination, resilience, and an unwavering pursuit of excellence, the Filipino way.